Stock Market Highlights Today: Nifty holds above 24,100 amid IT-led gains – 16 July 2026

Indian equities ended mildly higher on Thursday, with the Sensex and Nifty 50 extending gains to trade above 77,300 and 24,100 respectively, supported by strength in IT shares and easing volatility despite persistent Middle East tensions.

Market Overview

Index	16 Jul 2026 Close (approx.)	Move & % Change (approx.)	Comments
Sensex	77,388, 77,464	+200, 279 pts (up about 0.3%)	Held in positive territory through the session, IT stocks led gains.
Nifty 50	24,142, 24,148	+64, 71 pts (up about 0.3%)	Sustained above 24,100, breadth positive despite financials softness.
Bank Nifty	57,758	+296 pts (up 0.5%)	Outperformed previous session, but key bank stocks were mixed.
Nifty Midcap 100	N.A.	up about 0.5%	Broader markets traded in the green.
Nifty Smallcap 100	N.A.	up about 0.5%	Smallcaps participated in the uptrend.
India VIX	13.27	-3.5%	Volatility gauge declined, pointing to calmer near-term sentiment.

• Sensex traded in the 77,300, 77,500 band during the day.
• Nifty 50 hovered in the 24,100, 24,150 zone after an early gap-up.
• Market breadth on NSE: 1,662 advances, 749 declines, 112 unchanged.
• FIIs sold equities worth ₹735, 736 crore on Wednesday, per NSE data.

Key Movers

Top Gainers (Sensex/Nifty)	Sector	Notable Factor
HCL Technologies	IT	Rose on buying in technology names.
Infosys	IT	Rose 1, 3% amid strength in mega-cap tech globally.
Tech Mahindra	IT	Gained as Nifty IT index advanced nearly 2%.
TCS	IT	Joined the IT-led rally following softer US inflation.
Maruti Suzuki	Auto	Traded nearly 1% higher on firm auto sentiment.
Mahindra & Mahindra	Auto	Supported indices with gains near 1%.
Titan	Consumer	Added close to 1%, aiding discretionary space.
Trent	Retail	Advanced about 1%, tracking broader market strength.

Top Losers (Sensex/Nifty)	Sector	Notable Factor
Axis Bank	Financials	Traded marginally lower despite Bank Nifty resilience.
Bajaj Finserv	Financials	Among laggards on the benchmark index.
SBI	Financials	Edged down, capping gains in financials basket.
HDFC Bank	Financials	Closed slightly negative amid profit-booking.
Eternal	Industrials	Among early-session laggards.
Bharat Electronics	Defence	BEL shares were marginally lower in early trade.

• IT heavyweights contributed most to index gains.
• Financials, including banks and NBFCs, showed mixed to weak bias.
• Autos and select consumer names added incremental support.

Sectoral Action

Sector/Index	Direction (approx.)	Key Drivers
Nifty IT	up nearly 2%	Followed strength in global tech and softer US inflation data.
Nifty Financial Services	down marginally	Axis Bank, Bajaj Finserv and HDFC Bank weighed on the pack.
Nifty PSU Bank	down marginally	Profit-booking after recent outperformance.
Autos (Maruti, M&M)	up about 1%	Expectations of strong Q1 growth and sector momentum.

• Broader sectoral tone stayed firm despite pockets of profit-booking.
• Analysts expect financials and automobiles to report strong Q1 numbers.
• Digital platform companies are also expected to show healthy growth.
• “Financials, both banks and NBFCs, are likely to report a good set of numbers aided by robust credit growth,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.

Technical Outlook

Statistic	Value/Change	Context
Nifty 50 immediate support	23,900, 23,950	Zone includes recent lows and key short-term levels.
Nifty 50 broader support	23,800, 23,900	Confluence of four-week identical lows and 50-day EMA.
Nifty 50 resistance	24,200, 24,250	Upper band of current consolidation range.
Extended resistance	24,350	Break above may open upside towards 24,600.
Expected Nifty range	23,850, 24,250	Sideways-to-bullish bias projected near term.
Bank Nifty support	57,300, 57,500	Immediate cushion after recent outperformance.
Bank Nifty resistance	58,200, 58,500	Key ceiling for further upside.

• Recent Nifty candlestick pattern indicates indecision at higher levels.
• India VIX at 13.27 suggests subdued volatility environment.
• Analysts expect continued consolidation unless Nifty breaks 24,350 decisively.
• Bank Nifty strength remains a key watch for broader trend confirmation.

Global Cues and Macro Factors

Market/Asset	Movement	Notes
S&P 500 (US)	+0.38%	Rose on mega-cap tech strength and softer wholesale inflation.
Nasdaq (US)	+0.62%	Benefited from gains in large technology stocks.
Kospi (South Korea)	-6.3% to -6.31%	Slumped on selloff in Samsung and SK Hynix.
Nikkei 225 (Japan)	-3%	Declined amid regional tech weakness.
Shanghai Composite	down	Mainland China indices traded lower.
Hang Seng (Hong Kong)	+1.2%	Outperformed peers with technology-led gains.
Brent crude	around $84.7, 85.5	Movement muted intraday, but up sharply versus last week.
WTI crude	about $80.3	Stayed above $80 amid Middle East tensions.
USD/INR	around 96.25	Rupee nearly unchanged, range seen at 95.75, 96.45.

• US markets closed higher, easing concerns over further Fed tightening.
• Asian equities were mixed, with sharp losses in Korea and Japan.
• Middle East conflict and Strait of Hormuz disruptions kept oil in focus.
• Fewer vessels crossed the Strait after renewed US naval blockade.
• “Higher energy prices remain a key concern for India’s import bill and the rupee’s outlook,” said Jateen Trivedi, VP Research Analyst, LKP Securities.

Derivatives Update: Nifty India FPI 150

Statistic	Value/Change	Context
Contract launch date	12 August 2026	SEBI-approved F&O on Nifty India FPI 150 Index.
Index base date	3 October 2022	Base value set at 1,000.
Index launch date	16 August 2025	Tracks FPI-accessible stocks from Nifty 500.
Top sector weight	Financial services 26.15%	Highest representation as of June 2026.
Oil, Gas & Consumable Fuels	10.03%	Second-largest sector weight.
Healthcare	7.51%	Third-largest sector weight.

• NSE will list three serial monthly index futures and three options cycles.
• All contracts will be cash settled, expiring on the last Tuesday of the month.
• Constituents selected by six-month average foreign investible free-float market cap.
• Index is rebalanced quarterly using foreign investible free-float methodology.
• “The Nifty India FPI 150 Index is a broad and diversified segment of the Indian equity market,” said Sriram Krishnan, Chief Business Development Officer, NSE.
• New contracts offer an additional tool for hedging and portfolio diversification for FPI-focused portfolios.

Near-term Market Outlook

Statistic	Value/Change	Context
FII flows (15 Jul)	net sell ₹735, 736 crore	Foreign investors booked profits despite July’s net buying trend.
Expected Nifty trading band	23,850, 24,250	Sideways-to-bullish bias with earnings-driven moves.
Key driver ahead	Q1 FY27 results	Banks, NBFCs, autos and digital platforms in focus.

• Domestic institutional buying is expected to cushion downside risks.
• Analysts see markets trading in a narrow band with a positive bias.
• Geopolitical risks and crude trajectory remain key overhangs.
• A breakout above 24,350 on Nifty could revive stronger buying momentum.

• “With many companies reporting their Q1 results in the coming days, the market is likely to respond to the results,” said VK Vijayakumar.

Frequently Asked Questions

Why did Nifty hold above 24,100 despite Middle East tensions?

Nifty stayed above 24,100 as strong buying in large IT and select auto stocks offset weakness in financials, while volatility eased and crude prices were relatively muted intraday despite ongoing Middle East conflict.

What are the key support and resistance levels for Nifty now?

Analysts see immediate support for Nifty around 23,900, 23,950, broader support at 23,800, 23,900, and resistance near 24,200, 24,250, with a stronger ceiling at 24,350 that, if broken, could open upside towards 24,600.

How will the Nifty India FPI 150 derivatives help investors?

From 12 August 2026, futures and options on the Nifty India FPI 150 Index will give investors a cash-settled instrument to hedge or gain exposure to a diversified basket of 150 liquid, FPI-accessible stocks weighted by foreign investible free-float.